Orange County NC Website
Browse       Search
<br />6. Buyer'sInspectionPer7od. <br />a. For purposes of this Conh'act, the phrase "Buyer's Inspection Period" shall be <br />defined as the period of time conunencing on the date first above written and ending at 11:59 <br />p.m. E.S.T. on the thirtieth (30th) day following the date upon which the Seller provides the <br />Survey to Buyer. <br />b. Subject to Seller's rights to enter the Property, Buyer, with Seller's reasonable <br />cooperation, shall make all such inspections of the Property and the public record as it deems <br />desirable within the Buyer's Inspection Period. Buyer agrees to indemnify and hold Seller (and <br />the current owner of the Property as of the Effective Date) harmless from all liabilities, claims, <br />damages, liens, costs and expenses (including reasonable attorneys' fees) that Seller may incur in <br />connection with Buyer's inspection of the Property. Buyer is authorized to conduct customary <br />environmental inspections; provided, however, no soil borings or other invasive tests may be <br />conducted on the Property without the prior written consent of Seller, <br />a Within ten (10} days from the Effective Date, Seller shall provide Buyer with <br />copies of all title information in Seller's possession or reasonably available to Seller including, <br />but not limited to, title insurance policies, attorneys' opinions on title, copies of all documents <br />relating to all title exceptions, surveys, site plans, deeds, deeds of trust, promissory notes, loan <br />agreements relating to the Property, plans, drawings, studies, and zoning letters, certificates or <br />other information. Nothing in this provision shall require the Seller to make any investigation of <br />the Title for the Property other than to provide information to the Buyer that already is in its files <br />on the date of this Contract. Specifically, this provision shall not impose any continuing <br />obligation upon the Seller to supplement the information originally supplied to the Buyer <br />pursuant to this paragraph. <br />d. If, during the Buyer's Inspection Period, Buyer is not satisfied with any of the <br />matters inspected or reviewed by it with respect to the Property, Buyer may elect in its sole and <br />absolute discretion to terminate the Contract by giving written notice of such decision to Seller. <br />Failure to provide notice prior to the end of the Buyer's Inspection Period shall be deemed a <br />waiver of the Buyer's rights to such termination under this Contract. Time is of the essence with <br />respect to this Paragraph 6(d). <br />e. If Buyer elects to proceed with this transaction following the expiration of <br />Buyer's Inspection Period, Buyer agrees and acknowledges that it is purchasing the Property in <br />its "as-is, where is," with all faults and conditions thereon, except as may otherwise be expressly <br />provided in this Contract. <br />7. Site Delivery Conditions. <br />a. Uncleared and Ungraded. Seller shall deliver the Property to Buyer in its natural, <br />uncleared and ungraded condition, and Seller shall have no obligations to perfonu any site work <br />or earthwork on the Property whatsoever after Closing. <br />b. Temporary Constmction Access. On or before December 31, 2005, Seller shall <br />provide temporary construction access from Old NC 86 to the boundary of the Property which is <br />suitable for any typical construction vehicle. <br />5 <br />RTP 84406v7 <br />